Costa Rica Economic Activity January 2018

Costa Rica

Costa Rica: Economic activity growth accelerates in January

March 14, 2018

In January, year-on-year growth in economic activity accelerated to 3.6%, up from December’s revised 3.3% expansion (previously reported: +3.5%), according to the monthly index of economic activity (IMAE, Indice Mensual de Actividad Económica) published by the Central Bank of Costa Rica (BCCR).

January’s result was driven by an increase in activity in the services sector. In particular, the sub-sectors of professional services, and education and healthcare services, both contributed significantly to growth in January. The manufacturing sector also grew at a robust rate in January, bolstered by increased production of food products such as pineapple juice, cotton yarn, iron manufactures and goods generally destined for export.

In month-on-month terms, the growth rate in economic activity decelerated to 0.37% in January from a revised 0.47% in December (previously reported: +0.52% month-on-month). Meanwhile, year-on-year average growth remained steady at December’s revised 3.0% in January (previously reported: +3.1% year-on-year).

The BCCR expects the economy to expand 3.6% in 2018 and 3.9% in 2019. FocusEconomics Consensus Forecast panelists expect GDP growth to reach 3.5% in 2018, which is down 0.1 percentage points from last month’s forecast. In 2019, our panelists expect GDP growth to come in at 3.7%.

Author:, Economist

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Costa Rica Economic Activity Chart

Costa Rica Economic Activity January 2018

Note: Year-on-year changes and annual average variation of trend-cycle economic activity in %.
Source: Costa Rica Central Bank (BCCR).

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